Student Loan Consolidation/Refinance 101
Student Loan Consolidation/Refinance 101
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Copyright ? 2016 Finance Authority of Maine
Agenda
Basics of Student Loan Consolidation/Refinance Key Differences Between Federal and Private
Student Loan Consolidation Overview of Maine's New Refinance Student
Loan Insurance Program Financial Education & Responsible Borrowing FAME Student Loan Specialists
Federal vs. Private Federal Loan Consolidation
Federal Direct Consolidation Loan
? Combining multiple federal education loans into a single loan resulting in one monthly payment
? Private student loans are not eligible ? Defaulted loans can be consolidated if certain
requirements are met before consolidation ? Interest rate is fixed based on the weighted average
of the interest rates of the loans being consolidated, rounded up to the nearest one-eighth of 1%
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Federal vs. Private Federal Loan Consolidation
Repayment begins after the loan is disbursed Repayment terms range from 10 to 30 years,
depending on the loan amount, other education loan debt, and the repayment plan selected Borrower benefits offered with the original loans such as interest rate discounts, principal rebates, and some loan cancellation benefits may be lost with consolidation
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Federal vs. Private Federal Loan Consolidation
Federal loans eligible for consolidation include:
? Direct Subsidized & Unsubsidized Loans ? Subsidized & Unsubsidized Federal Stafford Loans ? Direct PLUS Loans ? Federal Family Education Loan (FFEL) Program PLUS
Loans ? Supplemental Loans for Students (SLS) ? Federal Perkins Loans ? Federal Nursing Loans ? Health Education Assistance Loans ? Some existing federal consolidation loans
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